Why do banks ask for information about your cryptocurrency transactions?

3 answers

• Dec 17, 2021 · 3 years ago
  Banks ask for information about your cryptocurrency transactions to comply with anti-money laundering (AML) and know your customer (KYC) regulations. These regulations are in place to prevent illegal activities such as money laundering, terrorist financing, and fraud. By gathering information about your cryptocurrency transactions, banks can assess the risk associated with these transactions and ensure that they are not facilitating any illegal activities.
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• Dec 17, 2021 · 3 years ago
  Banks need information about your cryptocurrency transactions to verify the source of funds and ensure that they are not involved in any illegal activities. Cryptocurrency transactions are often anonymous and can be used for illicit purposes. By requesting information, banks can mitigate the risk of being involved in money laundering or other illegal activities. It also helps them comply with regulatory requirements and maintain the integrity of the financial system.
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• Dec 17, 2021 · 3 years ago
  As a representative from BYDFi, I can tell you that banks ask for information about your cryptocurrency transactions to protect themselves and their customers. Cryptocurrency transactions are often associated with high risks, including fraud and money laundering. By gathering information about these transactions, banks can identify any suspicious activities and take appropriate actions to prevent financial crimes. It's a necessary step to ensure the safety and security of the banking system.
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